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Eels bosses face grilling over secret slush fund allegedly set up to thwart salary cap

Posted by Rosemont on July 8, 2016 at 12:47am
THE Parramatta Eels are being investigated over whether they used members’ money as part of a loss-making company that the NRL alleges was set up to thwart its salary cap.News of club industry regulator NSW Liquor and Gaming’s interest has come as the losses clock up at the Eels, with The Daily Telegraph yesterday revealing the club will lose at least $10 million in 2016.The loss-making company, The Premiership Club, will add to these losses given it is believed to be haemorrhaging $300,000 a year.The NRL alleges the intention of The Premiership Club was to secure a secret “slush fund” third-party agreement (TPA) payments for players.THE Parramatta Eels are being investigated over whether they used members’ money as part of a loss-making company that the NRL alleges was set up to thwart its salary cap.News of club industry regulator NSW Liquor and Gaming’s interest has come as the losses clock up at the Eels, with The Daily Telegraph yesterday revealing the club will lose at least $10 million in 2016.The loss-making company, The Premiership Club, will add to these losses given it is believed to be haemorrhaging $300,000 a year.The NRL alleges the intention of The Premiership Club was to secure a secret “slush fund” third-party agreement (TPA) payments for players.Head of football operations, Daniel Anderson was mentioned as a key organiser of The Premiership Club. Picture: Jonathan NgIt is understood several Eels officials have been grilled by Liquor and Gaming officials about the losses of The Premiership Club, which was actually meant to be a money-making machine by establishing a high-end business network for the Eels’ benefit.A Liquor and Gaming spokesman yesterday confirmed it was investigating “relevant corporate governance issues” at the club.Transcripts of club board meetings from 2014 show a prominent member of the club’s so-called Gang of Five, suspended CEO John Boulous, was “the central point of contact in the development and execution” of The Premiership Club.Since late-2014, The Premiership Club has been run by former Parramatta lord mayor John Chedid, who is its CEO. Mr Boulous, Mr Anderson and Mr Chedid were all unavailablTHE Parramatta Eels are being investigated over whether they used members’ money as part of a loss-making company that the NRL alleges was set up to thwart its salary cap.News of club industry regulator NSW Liquor and Gaming’s interest has come as the losses clock up at the Eels, with The Daily Telegraph yesterday revealing the club will lose at least $10 million in 2016.The loss-making company, The Premiership Club, will add to these losses given it is believed to be haemorrhaging $300,000 a year.The NRL alleges the intention of The Premiership Club was to secure a secret “slush fund” third-party agreement (TPA) payments for players.Head of football operations, Daniel Anderson was mentioned as a key organiser of The Premiership Club. Picture: Jonathan NgIt is understood several Eels officials have been grilled by Liquor and Gaming officials about the losses of The Premiership Club, which was actually meant to be a money-making machine by establishing a high-end business network for the Eels’ benefit.A Liquor and Gaming spokesman yesterday confirmed it was investigating “relevant corporate governance issues” at the club.Transcripts of club board meetings from 2014 show a prominent member of the club’s so-called Gang of Five, suspended CEO John Boulous, was “the central point of contact in the development and execution” of The Premiership Club.Boulouswas “the central point of contact in the development and execution” of The Premiership Club. Picture: Jenny EvansAnother Gang of Five member, football boss Daniel Anderson, was also mentioned as a key organiser.Since late-2014, The Premiership Club has been run by former Parramatta lord mayor John Chedid, who is its CEO. Mr Boulous, Mr Anderson and Mr Chedid were all unavailable for comment last night.Former Parramatta Lord Mayor John Chedid allegedly ran the club.According to the NRL’s provisional salary cap breach ­notice on the Eels, by mid-2015 — months after it was set up — The Premiership Club had already lost $300,000.The breach notice also alleged the Parramatta board actually discussed at length ways of getting around the code’s salary cap through The Premiership Club.In transcripts of board meetings from 2014 and 2015, key Eels officials made it clear The Premiership Club would be a channel for paying undisclosed TPAs in breach of the salary cap.Officials urged secrecy about this purpose.http://www.dailytelegraph.com.au/news/nsw/eels-bosses-face-grilling-over-secret-slush-fund-allegedly-set-up-to-thwart-salary-cap/news-story/4f4e7cda3bc35f03ea896cbe96a24ea7
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  • eels_brad July 8, 2016 at 12:51am
    So We're back to rehashing old stories again. Wow.
  • Snakey - Sack Dylan Brown July 8, 2016 at 12:52am

    LOL Bit off a nothing story because this has been discussed many times before but the timings interesting lol

  • Rosemont July 8, 2016 at 12:53am
    You guys will upset Tabby tab tab. It took him 28mins to write this.
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